Palette Multimedia says considering private placement after UMA query

PETALING JAYA: Palette Multimedia Bhd, whose share price has almost doubled in the past two trading days, said the recent rise in its share price and trading volume could be due to the group's plan to undertake a private placement exercise.

"There had been preliminary discussion with potential investors on the private placement. However, as at to-date, nothing firm has been materialised," the group said in response to an unusual market acivity (UMA) query.

Palette provides broadband, wireless and networking products and services. For the full-year ended May 31, 2017, it incurred a net loss of RM802,000 on the back of RM5.71 million in revenue.

The stock closed 3.5 sen higher at 14.5 sen on Friday on some 101.6 million shares traded, being the most actively traded stock. It has a market capitalisation of RM46.33 million.